THORSwap Monthly Recap: May 2022

$vTHOR launch, Exchange fee sharing, Terra Chain Resolution, THORYield Updates, and what’s on the horizon

5 min readMay 30, 2022

Welcome back THORChads, it sure has been a rocky month. Our community has experienced highs and lows, but we remain as resilient as ever. Our hearts go out to everyone affected by Terra Luna — THORswap will do our best to support liquidity providers to safely withdraw LPs while providing the latest updates from THORChain protocol 🙏

Thanks to efforts of the THORChain community and Terra Form Labs, Terra Asym and Sym Liquidity providers on THORChain will qualify for the Terra 2.0 airdrop.

Please remember to stay vigilant of scammers, we only provide official support via the #Support-Desk channel on our discord: https://discord.gg/thorswap

Despite the setbacks and overall market macro conditions, THORSwap’s treasury remains sustainable and we’ll continue to execute our mission of becoming Crypto’s flagship Cross-Chain DEX Aggregator.

$vTHOR ($THOR Staking 2.0) Launch

May started off with a blast as we finally launched $THOR Staking 2.0 to great success. The majority of $THOR holders have migrated to our new Tokenized Vault Standard (ERC-4626) $vTHOR contract, which introduces:

$vTHOR token: Stake $THOR tokens to receive $vTHOR tokens, a composable and transferrable representation of your staked $THOR position.
Additional Staking Rewards: Legacy Staking Rewards came purely from emissions of the Community Incentives pool. Staking 2.0 rewards are a culmination of Community Incentives emissions plus 75% of all THORSwap revenues.
Auto-compounding Staking Rewards: Staking 2.0 now features automatic compounding — $THOR stakers will receive daily rewards and auto-compound without any user action. This removes the to repeatedly claim and re-deposit, saving gas and helping stakers to earn more rewards.
Trading Discounts promo: To celebrate the launch of $vTHOR, for a limited time, THORSwap Exchange Fees has been 100% waived for everyone staking $THOR + holding any amount of $vTHOR.

Exchange Fee Sharing for $vTHOR holders

Since May 4th, 402,504 $THOR (as of May 25th) has been rewarded to $vTHOR holders from 75% of THORSwap’s Exchange Fee earnings. These rewards present an improvement over emission incentives as $THOR was directly purchased from circulating supply on the open market and distributed to the staking vault.

For a detailed breakdown of $vTHOR in its first month, please visit our dedicated dashboard: https://dune.com/pietrekt/vTHOR-Dashboard

THORYield Updates

Following the launch of $vTHOR, THORYield has also been updated with a $THOR Staking Rewards Tracker for both web & mobile app:

We also released a dedicated THORChain Network Status dashboard THORYield for an up-to-date overview of the protocol at your finger-tips: https://app.thoryield.com/network

THORChain LP Calculator Guide

Have you ever struggled with calculating or planning your THORChain LP strategy? THORYield’s LP Calculator has you covered!

Watch our latest video guide to learn how to Predict Your Earnings as a Liquidity Provider:

Wallet Updates

We have two wallet updates this month, Dogecoin has been integrated by XDEFI wallet, so now you can connect all THORChain supported L1’s from one handy wallet interface.

Secondly, we’ve integrated support for Phantom Wallet, in preparation for our upcoming Solana DEX Aggregator functionality. For now, feel free to connect your Sol wallet addresses and test features such as connect / send / balances.

Ape Board listing

THORSwap has been listed by our frens at Ape Board, we’re reaching far and wide across the multi-chain!

THORSwap Web App Update Notes

v0.1.0

Announcement refactor and UX optimisation
Fix mobile UI issues and dashboard stability
Optimise wallet and improve performance
Dark mode initial screen improvement
Synth & invalid swap fixes

v0.1.1

DOGE integration for XDEFI Wallet
Mobile UI improvements
Announcements revamp and prepare for cross-chain-api —
Fix to Withdraw LP positions
Fix in LP positions not being cleared from UI on wallet disconnect.

Coming Soon

ETH DEX Aggregator

The ETH Aggregator has been audited and is currently being tested internally by the Team, in order to be released THORChain Core Team must merge the SwapOut DEX Aggregation PR.
We’re expecting to release multiple aggregators in phases, up to 5.
Stay tuned in our discord for further updates!

Cosmos ($ATOM), Avalanche ($AVAX), Dash

Progress is coming along on a number of exciting Layer 1 blockchains to be integrated to THORChain. LFG 🚀

Cross Chain Expo

THORSwap is proud to be a partner of the first-ever Cross Chain Expo — a mini-conference featuring talks, conversations, & connections with innovators building toward our multi-chain future taking place in Austin, TX, on Jun 8. To learn more visit: https://crosschain.so

THORSwap team has and will continue to build even during this unprecedented time. We remain ever grateful for the support of our community 💪 See you next month!

About THORSwap

THORSwap is the leading decentralized exchange (DEX) powered by multi-chain THORChain. Perform cross-chain swaps in a permissionless, trustless, and non-custodial manner.

Twitter: https://twitter.com/thorswap
Discord: https://discord.gg/thorswap
Website: https://thorswap.finance
THORSwap App: https://app.thorswap.finance
THORSwap Docs: https://docs.thorswap.finance
Telegram Announcement: https://t.me/thorswap_ann
Community YouTube: https://www.youtube.com/THORSwapCommunity

THORChads DAO

The rewards programme and Metaverse home for THORChads, where the community can enjoy community projects like NFTs and games. THORChads.com will support new creative community projects with marketing, dev support, and more.

Merch Store: https://thorchads.metaswagclub.com
Discord: https://discord.gg/thorchads
Twitter: https://twitter.com/THORChadsDAO
Medium: https://thorchads.medium.com
Website: https://thorchads.com
OpenSea: https://opensea.io/collection/thorchads